485BPOS2012-10-26falseWorld Funds Trust00013960922012-10-26<!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div>0.01000.00250.01110.00010.0237-0.00360.0201<!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000038882Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div><!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000038882Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div>20470512332679<!--egx--><div style='display:none'>~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000038882Member row primary compact * ~</div>-0.31180.67870.22550.01130.20460.0431-0.51520.65260.3379-0.1420-0.1420-0.00820.0517-0.1430-0.00990.0457-0.0923-0.00730.0429-0.1237-0.03550.0664-0.04180.00150.05620.0211-0.00250.0292<!--egx--><div style='border-bottom:windowtext 1pt solid;border-left:medium none;padding-bottom:1pt;padding-left:0mm;padding-right:0mm;margin-left:0mm;border-top:medium none;margin-right:-36pt;border-right:medium none;padding-top:0mm'> <p style='border-bottom:medium none;border-left:medium none;padding-bottom:0mm;margin:0mm 0mm 0pt;padding-left:0mm;padding-right:0mm;border-top:medium none;border-right:medium none;padding-top:0mm'><strong><font style='font-size:11.0pt;font-family:Arial'>FUND SUMMARY</font></strong></p></div><!--egx--><p style='text-align:justify;margin:0mm -0.7pt 0pt 0mm'><u><strong><font style='font-size:11.0pt;font-family:Arial'>Investment Objective </font></strong></u></p><!--egx--><p style='text-align:justify;margin:0mm -0.7pt 0pt 0mm'><font style='font-size:11.0pt;font-family:Arial'>The Perkins Discovery Fund (the &#147;Fund&#148;) seeks long-term capital appreciation.</font></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><strong><font style='font-size:11.0pt;font-family:Arial'>Fees and Expenses of the Fund</font></strong></u></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><strong>Shareholder Fees (fees paid directly from your investment)</strong></font></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt;layout-grid-mode:char'><font style='font-family:Arial;font-size:11pt'><strong>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</strong></font></p><!--egx--><p style='margin:0mm 0mm 0pt'><b><font style='font-size:11.0pt;font-family:Arial'>Example</font></b></p><!--egx--><p style='margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp; The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&nbsp; The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.&nbsp; Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><u><strong><font style='font-size:11.0pt;font-family:Arial'>Portfolio Turnover</font></strong></u></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'><font style='font-weight:normal'>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&nbsp; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&nbsp; These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, affect the Fund&#146;s performance</font><strong>. </strong><font style='font-weight:normal'>During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio.</font></font></font></p><!--egx--><p style='margin:0mm 0mm 0pt'><u><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Investment Strategies</font></strong></u></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies with market capitalizations of under $1 billion at the time of purchase. The equity securities the Fund may purchase consist mostly of common stock, although the Fund may purchase preferred and convertible stocks.</font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>In selecting investments, the Adviser seeks growth opportunities by investing in companies that it believes will appreciate in value. The Adviser seeks to discover investment opportunities primarily by searching for companies that it believes are in the process of undergoing some fundamental change. Companies undergoing change may have new products, processes, strategies, management, or may be subject to change by external forces. The Fund attempts to buy stocks of such companies when it believes the changes will result in higher earnings and/or a higher price-to-earnings ratio.</font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>The Adviser will typically sell a holding when the reasons that the holding was purchased change. When a holding performs as anticipated, it may be sold when the Adviser&#146;s price target is reached, when the holding becomes overvalued in the Adviser&#146;s opinion, or when technical chart analysis indicates that a good sale point has been reached.</font></p> <p style='margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>Note: Due to investment considerations, the Fund will close to new investors when it reaches $100 million in total assets. If the Fund closes to new investors, based on market conditions and other factors, it may reopen at a later date.</font></p><!--egx--><p style='margin:0mm 0mm 0pt'><u><strong><font style='font-size:11.0pt;font-family:Arial'>Principal Risks</font></strong></u></p><!--egx--><p style='margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>There is a risk that you could lose all or a portion of your investment in the Fund.&nbsp; The following principal risks can affect the value of your investment:&nbsp; </font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-weight:normal'>General Market Risk.&nbsp; </font></i><font style='font-weight:normal'>The market price of a security may fluctuate, sometimes rapidly and unpredictably.&nbsp; These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time.&nbsp; &nbsp;</font></font></font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>Equity Risk.&nbsp; Since the Fund purchases equity securities, it is subject to the risk that stock prices will fall over short or extended periods of time.&nbsp; Historically, the equity markets have moved in cycles, and the value of the Fund&#146;s equity securities may fluctuate drastically from day to day.&nbsp; Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments.&nbsp; The prices of securities issued by such companies may suffer a decline in response.&nbsp; These factors contribute to price volatility.&nbsp; </font></p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-weight:normal'>Management Risk.&nbsp; &nbsp;</font></i><font style='font-weight:normal'>The Adviser may fail to implement the Fund&#146;s investment strategies and meet its investment objective.&nbsp; </font></font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-align:justify;text-indent:35.3pt;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-weight:normal'>Smaller Companies Risk.&nbsp; </font></i><font style='font-weight:normal'>Investing in securities of smaller companies including micro-cap, small-cap, medium-cap and less seasoned companies often involve greater volatility than investing in larger, more established companies and these securities may be less liquid than other securities.&nbsp;&nbsp;&nbsp; </font></font></font></p> <p style='text-align:justify;margin:0mm 0mm 0pt'>&nbsp;</p> <p style='text-indent:35.3pt;margin-bottom:0pt'><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'><i><font style='font-weight:normal'>Small Portfolio Risk.&nbsp; </font></i><font style='font-weight:normal'>Although the Fund is diversified, from time to time, it holds a relatively small number of securities (<i>i.e.</i>, under 40).&nbsp; As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund&#146;s net asset value and total return. </font></font></font></p><!--egx--><p style='margin:0mm 0mm 0pt'><b><font style='font-size:11.0pt;font-family:Arial'>PERFORMANCE HISTORY</font></b></p><!--egx--><p style='margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#146;s performance from year to year and by showing how the Fund&#146;s average annual returns for the periods indicated compare with those of a broad-based securities index and additional indices provided to offer a broader market perspective.&nbsp; The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&nbsp; Updated performance information is available at www.theworldfundstrust.com or by calling toll-free 800-673-0550.</font></p> <p style='text-align:justify;margin:0mm 1.8pt 0pt 0mm'>&nbsp;</p> <p style='text-align:justify;margin:0mm 1.8pt 0pt 0mm'><font style='font-size:11.0pt;font-family:Arial'>The Fund was reorganized on October 26, 2012 from a series of Professionally Managed Portfolios, a Massachusetts business trust (the &#147;Predecessor Fund&#148;), to a series of the World Funds Trust, a Delaware statutory trust (the &#147;Reorganization&#148;).&nbsp; The performance information shown below is based upon the average annual total returns of the Predecessor Fund.&nbsp; The performance information below is intended to serve as an illustration of the variability of the Fund&#146;s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and investment strategies as the Predecessor Fund.&nbsp; While the Fund is substantially similar to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund&#146;s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses. </font></p><!--egx--><p align="left" style='text-align:left;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'><strong>Calendar Year Total Returns*</strong></font></p><!--egx--><table border="0" cellspacing="0" cellpadding="0" width="358" style='width:268.6pt;border-collapse:collapse'> <tr> <td valign="top" width="211" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:2.2in;padding-right:5.4pt;border-top:#003366 1.5pt solid;border-right:#ece9d8;padding-top:0in'> <p style='margin:6pt 0in 0pt'><font style='font-size:11.0pt;font-family:Arial'>Highest Quarterly Return:</font></p></td> <td valign="top" width="84" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:63pt;padding-right:5.4pt;border-top:#003366 1.5pt solid;border-right:#ece9d8;padding-top:0in'> <p style='margin:6pt 0in 0pt'><font style='font-size:11.0pt;font-family:Arial'>2Q, 2003</font></p></td> <td valign="top" width="63" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:47.2pt;padding-right:5.4pt;border-top:#003366 1.5pt solid;border-right:#ece9d8;padding-top:0in'> <p style='margin:6pt -5.4pt 0pt 0in'><font style='font-size:11.0pt;font-family:Arial'>27.30%</font></p></td></tr> <tr style='height:5.4pt'> <td valign="top" width="211" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:2.2in;padding-right:5.4pt;height:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>&nbsp;</p></td> <td valign="top" width="84" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:63pt;padding-right:5.4pt;height:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>&nbsp;</p></td> <td valign="top" width="63" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:47.2pt;padding-right:5.4pt;height:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>&nbsp;</p></td></tr> <tr> <td valign="top" width="211" style='border-bottom:#003366 1.5pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:2.2in;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in -5.4pt 6pt 0in'><font style='font-size:11.0pt;font-family:Arial'>Lowest Quarterly Return: </font></p></td> <td valign="top" width="84" style='border-bottom:#003366 1.5pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:63pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 6pt'><font style='font-size:11.0pt;font-family:Arial'>4Q, 2008</font></p></td> <td valign="top" width="63" style='border-bottom:#003366 1.5pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:5.4pt;width:47.2pt;padding-right:5.4pt;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in -5.4pt 6pt 0in'><font style='font-size:11.0pt;font-family:Arial'>-30.24%</font></p></td></tr></table><!--egx--><p style='margin:0mm 0mm 0pt'><font style='layout-grid-mode:line'><strong><font style='font-size:11.0pt;font-family:Arial'><font style='font-size:11.0pt;font-family:Arial'>Average Annual Total Returns as of December 31, 2011<sup>(1)</sup></font></font></strong></font></p><!--egx--><p style='text-align:justify;margin:0mm 0mm 0pt'><font style='font-size:11.0pt;font-family:Arial'>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&nbsp; Actual after-tax returns depend on your situation and may differ from those shown.&nbsp; Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).&nbsp; The &#147;Return After Taxes on Distributions and Sale of Fund Shares&#148; may be higher than other return figures because when a capital loss occurs upon redemption of Fund shares, a tax deduction is provided that benefits the investor.</font></p><!--egx--><p style='margin:0mm 0mm 0pt'><font style='font-size:8.0pt;font-family:Arial'>[1] The Predecessor Fund commenced operations on April 9, 1998.&nbsp; The Fund has the same investment objectives, strategies and policies as the Predecessor Fund.&nbsp;&nbsp; </font></p>0.14<!--egx--><font style='line-height:115%;font-family:Times New Roman,serif;font-size:10pt'><font style='font-size:11.0pt;font-family:Arial'>www.theworldfundstrust.com</font> </font><!--egx--><font style='line-height:115%;font-family:Times New Roman,serif;font-size:10pt'><font style='font-size:11.0pt;font-family:Arial'>800-673-0550</font></font><!--egx--><font style='line-height:115%;font-family:Times New Roman,serif;font-size:10pt'>The Fund&#146;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font><!--egx--><font style='line-height:115%;font-family:Times New Roman,serif;font-size:10pt'><font style='font-size:11.0pt;font-family:Arial'>Highest Quarterly Return:</font></font>2003-06-300.2730<!--egx--><font style='line-height:115%;font-family:Times New Roman,serif;font-size:10pt'><font style='font-size:11.0pt;font-family:Arial'>Lowest Quarterly Return:</font></font>2008-12-31-0.30242012-10-262012-11-1900-0.0100000013960922012-10-262012-10-260001396092fil:S000038882Member2012-10-262012-10-260001396092fil:S000038882Memberfil:C000119646Member2012-10-262012-10-260001396092fil:S000038882Memberfil:C000119646Memberrr:AfterTaxesOnDistributionsMember2012-10-262012-10-260001396092fil:S000038882Memberfil:C000119646Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-10-262012-10-260001396092fil:S000038882Memberfil:DowJonesWilshireUSMicroCapIndexReflectsNoDeductionForFeesExpensesOrTaxesMember2012-10-262012-10-260001396092fil:S000038882Memberfil:Russell2000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember2012-10-262012-10-260001396092fil:S000038882Memberfil:SP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember2012-10-262012-10-26pureiso4217:USDPerkins Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or pay Fund expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses) in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for shares of the Fund to 2.00% of the Fund's average net asset (the "Expense Cap"). The Expense Cap will remain in effect until at least October 31, 2013. The Agreement may be terminated at any time by the Board upon 60 days' notice to the Adviser, or by the Adviser with the consent of the Board.Total Annual Fund Operating Expenses have been restated to reflect contractual arrangements with the Fund's new service providers, which became effective on October 26, 2012.The total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not correlate to the Ratio of Expenses to Average Net Assets After Fees Waived and Expenses Absorbed provided in the Financial Highlights Section of the statutory Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.